Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Doug Krisner. President Trump has unveiled a litany of new tariffs. He said the U.S. will impose a 100 percent tariff on any branded or patented pharmaceutical product unless a company is building their pharmaceutical manufacturing plant in America. Here is Deborah Elms, head of trade policy at the Heinrich Foundation.
These negotiations have been largely about what were called the reciprocal tariffs. That is those tariffs imposed under emergency powers originally on April 2nd have been revised since then. That's where the focus has been.
And what the Trump administration has been doing is moving more and more tariff coverage to the sector specific tariffs on increasingly now everything, as you can see, including now the kitchen cabinet and the couch in the living room.
Deborah Elms there, head of trade policy at the Heinrich Foundation. Now, Trump also announced a 50% tariff on kitchen cabinets, 30% levies on upholstered furniture, and 25% tariffs on heavy trucks. Incidentally, these new tariffs are set to take effect October 1st. Former FBI Director James Comey has been indicted on two of three criminal counts sought by federal prosecutors.
He's been charged with making a false statement and obstruction. Now, this case was filed days after President Trump appeared to urge his attorney general to prosecute the former FBI director and other perceived political enemies.
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Chapter 2: What new tariffs has President Trump announced?
Meantime, President Trump has formalized an agreement for a group of American investors to take control of TikTok's U.S. operations. And the president said Oracle will secure the algorithm on the American version of this platform. Vice President J.D. Vance played a central role in crafting this deal. Vance said the company is valued at around $14 billion.
We actually think this is a good deal for investors, but ultimately the investors are going to make the determination about what they want to invest in and what they think is a proper value.
Vice President J.D. Vance there. Now, the composition of the buyers group is not yet official. We are told Oracle, along with a private equity firm, Silver Lake, and the Abu Dhabi-based investment company MGX would each have a stake. Here is Bloomberg's Sarah Fryer.
So what Trump thinks he has here is a solution that will satisfy not just the law, but the Chinese government. And we're not really hearing anything from China. We're not really hearing anything from by dance. So it's possible.
Chapter 3: What impact will the new tariffs have on the pharmaceutical industry?
But, you know, if this is so solid, if this is so solid that it's it's going to be announced with these stakes, why does it need 120 days?
Bloomberg's Sarah Fryer. Amazon has agreed to pay $2.5 billion in penalties and refunds to settle a lawsuit by the FTC. Amazon was accused of misleading millions of customers into signing up for Prime and then making it intentionally difficult to cancel. As part of this settlement, Amazon will change its process for how to cancel a Prime subscription.
The company will also make payouts to customers. Here is Bloomberg's Spencer Soper.
People will be refunded automatically if it was found they were affected by this case. And you're looking at about 50 bucks per affected consumer. So it's no huge windfall for consumers. And even for Amazon, $2.5 billion is probably like a parking ticket for you and me. But it puts this thing to bed and prevents Amazon from going to a trial, which probably would have been pretty embarrassing.
That is Bloomberg Spencer's SOPR. Another down day for the U.S. equity market, three in a row, in fact. And if you're wondering, that is the longest slide in a month. More from Bloomberg's Charlie Pellett.
The S&P 500 index is now just above 6,600, with valuation worries overshadowing data showing the U.S. economy is holding up. Mira Pandit is global market strategist at J.P. Morgan Asset Management.
So when I think about whether the market is overvalued, it's certainly highly valued, but a lot of the companies underneath the surface are producing and being resilient in face of some of these headwinds.
Investors are awaiting the Fed's next rate move and a crucial earnings season, while the threat of a U.S. government shutdown is growing more severe. In New York, Charlie Pellett, Bloomberg Radio.
And that is News When You Want It with Bloomberg News Now. I'm Doug Krisner and this is Bloomberg.
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